Sankhali: Stating that some co-operative societies have fell prey to people with vested interests who have looted money of the poor by targeting such financial institutions, Chief Minister Pramod Sawant has said that with the implementation of new co-operative societies act, arrangements have been made to ensure that no institution goes bankrupt in the future and the money of the people will not be lost if one goes bankrupt. The new co-operative societies act has provided safety for investors in the co-operative field, he added.

Sawant was speaking on the occasion of inauguration of Deendayal Super Market at Bicholim. Speaker Rajesh Patnekar, BMC chairperson Kundan Falari, Vallabh Salkar, Kanta Patnekar, registrar of co-operative societies Arvind Khuntkar, Arun Naik, Shruti Ghatwal, Deepa Shirgaonkar, Shyam Matonankar, Pradip Chanekar, officers and corporators were present.

Crores of rupees were swallowed by some people on the pretext of paying double interest in one or two years. From now on, the government is keeping a close eye on every institution, he added.

The Chief Minister said that Mapusa Urban Co-operative Bank and Madgaon Urban went into loss due to people who do not do proper planning and have no sense of responsibility.

Deendayal Sanstha is working in various fields by taking various options through co-operatives, keeping in view the ethical values in the field of co-operation, co-operative education, health and market, Chief Minister Sawant said.

Speaker Rajesh Patnekar said that the co-operative sector should be kept away from politics. He appealed to the cooperative societies to maintain transparency.

Registrar for co-operatives Arvind Khuntkar and BMC chairperson Falari also spoke on the occasion.